Nike’s Miscalculation
Money Africa
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Good Morning?
How are you doing?
Welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
The newsletter is divided into two:?
Green White Green?
This is an abridged version as the NGX website has been down since last Thursday.?
The All-Share Index fell by 0.01%. The index measures the average performance of stocks on the exchange. The month of September was a down month as the index fell by 1.6%
Multiverse was the best performing stock for the month of September, appreciating by 40.84% to close at N3.69. Learn Africa led last month’s losers as it declined by 24.7% to close at N1.86
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Star-Spangled Banner?
Meta (formerly known as Facebook) has joined the list of companies that have embarked on cost management measures. Co-founder Mark Zuckerberg, during a question and answer session with staff on Thursday, told them that the firm would implement a company-wide hiring freeze and warned them that more downsizing is likely coming.
It has been a tough year for the social media network. A few months ago, it disclosed that privacy changes by Apple would cost it $10 billion in revenue in 2022. A slowing economy means people and businesses will spend less on advertising.?
Nike shares dipped sharply last week despite earnings that beat expectations. The company made $12.7 billion in revenue and $0.93 earnings.
So, why did the shares tumble? The company has lots of inventory from last season which it is trying to dispose off, so it has had to discount (lower prices on them). In addition, China sales dipped by 13%.?
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